Common use of PAY PROCEDURES Clause in Contracts

PAY PROCEDURES. A. All salaried professional employees shall continue to be considered salaried and shall be paid twice a month on the 15th and last day of the month. However, the District may at any time implement a payroll cycle every two (2) weeks in place of the twice monthly payroll. If the District does implement a new payroll cycle, employees may apply for a “bridge loan” for the amount of the difference in pay that may result in the first three (3) months of the new pay cycle (pay periods one [1] through six [6]). Employees will be required to sign a repayment promissory note if their application for a “bridge loan” is granted. Granting of the “bridge loan” shall not be denied unreasonably. Repayment of the “bridge loan” will be effectuated through payroll deductions, commencing in the seventh payroll period and the deductions shall terminate in the twelfth payroll period.

Appears in 4 contracts

Samples: Agreement, Agreement, Agreement

AutoNDA by SimpleDocs
Time is Money Join Law Insider Premium to draft better contracts faster.